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Crypto Trading Volume Soars 101% to Record $10 Trillion in November
Dec 6, 2024, 12:44 PM
Cryptocurrency trading volume surged to an all-time high in November, surpassing $10 trillion for the first time. This marks a significant increase of 101% from October, reaching $10.4 trillion according to a report from CCData. The surge is attributed to election-driven optimism, fueled by Trump hype that boosted Ripple and ETF sentiments. Derivatives trading contributed heavily to the overall volume, with CME Bitcoin options hitting $5.54 billion, a 152% increase. Spot crypto exchange volume reached $2.7 trillion, the highest since May 2021. Bitcoin trading volumes exploded to $1.9 trillion but also saw $416 million liquidated in long positions during significant volatility, marking the largest BTC liquidation event since FTX. Ethereum exchange-traded funds (ETFs) saw substantial inflows, with BlackRock's ETFs adding $425 million. Upbit, a major exchange, experienced a 358% rise in spot trading volumes despite regulatory challenges.
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